Eligibility and Enrollment

Enrolling to Participate in the Plan

Automatic Escalation of Contribution Percentage

Regardless of when you were or are automatically enrolled in the Plan, beginning in 2025, if you take no action, your 4% contribution rate will increase annually by 1% (each January) until your contribution rate equals 10% of your Eligible Pay. (Prior to 2025, the automatic escalation rate was 6%.)

You can opt out of the annual 1% automatic increase by electing 0% for the automatically increased rate. You are also free to increase (or decrease) your contribution rate (including the increased rate), as well as elect to discontinue these contributions altogether, at any time. If you do not wish to make tax-deferred contributions of your Eligible Pay, you must change the 4% contribution (or the automatically increased rate) to 0%.

This new automatic escalation rate applies even if your current elections were automatically increased to 6%.

Example: You were automatically enrolled in the Plan in 2022 at the rate of 4% and took no action to change this election. Your 2023 and 2024 elections were each automatically increased by 1% so your 2024 election rate was 6%. Your 2025 contribution rate automatically escalated to 7% and, thereafter, will increase by 1% each January, until your contribution percentage reaches the pre-tax contribution of 10% of Eligible Pay or you change your election.

Example: You were automatically enrolled in the Plan in 2023 at the rate of 4% and took no action to change this election. Your 2024 election was automatically increased to 5%. Your 2025 contribution automatically escalated to 6% and, thereafter, will increase by 1% each January, until your contribution percentage reaches the pre-tax contribution of 10% of Eligible Pay or you change your election.

For more information on changing your contributions, see Changing Your Contributions.